From: Lancaster Online
By TIM MEKEEL, Business Editor
Cooper-Booth Wholesale is asking the U.S. Bankruptcy Court’s permission to keep its president’s pay and benefits at pre-bankruptcy levels. In a court filing Wednesday, the Mountville-based firm said it wants to continue paying Barry Margolis $234,000 a year.
Cooper-Booth also wants to keep providing him with a company vehicle and cellphone, health and life insurance, and a 401(k) plan.
Margolis is responsible for overseeing and running Cooper-Booth, the company noted in its filing.
His duties include ensuring Cooper-Booth’s competitive position and “a superior customer experience.”
Margolis also manages the firm’s finances, implements its sales and marketing efforts, and plans for its future growth.
Cooper-Booth, with 250 employees and annual sales of $615 million, is one of the nation’s top 20 suppliers to the convenience-store industry.
It filed for bankruptcy on May 21 after federal authorities tried to seize its main bank account, containing $2.1 million.
The account has been frozen until U.S. Bankruptcy Court decides whether to allow the seizure.
Federal authorities believe the account holds money paid by a cigarette smuggling ring that has ties to Middle East terrorist groups.
The smugglers, through their Virginia front companies, bought 1.37 million cartons of cigarettes from Cooper-Booth and smuggled them into New York without paying New York cigarette taxes, authorities say.
Cooper-Booth has not been accused of any wrongdoing.
